Gulfsands Petroleum plc, the AIM listed oil and gas production, exploration and development company with activities in Syria, Iraq and the USA, announces its half-yearly results for the six months ended 30 June 2008.
Summary
• Satisfactory underlying financial performance for first half of 2008
• Revenue ($19.7 million) and Net Cash from Operations ($5.3 million) modestly up from half year 2007
• Cash Balances at 30 June 2008 (including pending insurance recoveries of $4.3 million) in excess of $50 million
• Operating Loss of $8.6 million reflects cash charge of $2.0 million in connection with senior executive severance payments and staff bonuses, and non-cash charge of $11.9 million in connection with grants of executive share options
• Khurbet East Early Production Facility now producing at a stabilised rate in excess of 11,500 bopd gross
• New Chief Executive Officer and Chief Financial Officer have been appointed and both will be functioning from a new London office by mid-October
• Gulf of Mexico damage resulting from Hurricane Ike still being assessed
Gulfsands’ Chairman, Andrew West, said:
“The figures announced today represent a satisfactory financial result for the Company during the first half of 2008 but are in themselves much less important than the rapid progress we have made in bringing the Khurbet East discovery in Block 26 Syria into early production. With a new senior management team, substantial cash balances, no debt and our share of 11,500 BOPD of production to add to our existing Gulf of Mexico production, we are in a strong position to exploit the still greater opportunities open to us in Syria and Iraq.”
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